Equinox CEO on Citi Bike: I Can Confirm We're In Negotiations

Tuesday, July 29, 2014 - 11:44 AM

A Citi Bike station in the West Village (Kate Hinds)

While it's been widely reported that REQX Ventures is in talks to acquire a majority stake in Citi Bike, it's been difficult to get anyone involved in the negotiations to talk on the record about it.

Until now.

Speaking on CNBC Tuesday morning, Equinox CEO Harvey Spevak spoke about it for seemingly the first time.  He added "we are making good progress."

“We formed something called REQX (Ventures) last year to pursue opportunities...and things we thought were interesting," he told CNBC by way of background. "REQX Ventures is owned by the principals of Related and myself. And so one of our first conversations has been Citi Bike, so I can confirm that we are in advanced negotiations, but there is no deal done at this time. And in terms of how Citi Bike interfaces with Equinox, or Soul Cycle, or any of our other brands, that’s to be determined. We’re not doing it necessarily for that purpose."

When asked why it was taking so long so sign on the dotted line, Spevak said "there’s a lot of moving parts. You have the seller (Alta), who’s involved, who is based in Portland; you have the City of New York; you have equipment suppliers. So there are a lot of different constituents who are involved in the process, but we’re making good progress."

Wiley Norvell, a spokesman for Mayor Bill de Blasio, said “we’re committed to making New York City’s bike share program more reliable and more accessible to neighborhoods across the city. Citi Bike has become part of our public transportation system and there is a lot riding on its success. We owe it to New Yorkers and to riders to get this right, and make sure we put the system on solid footing for the long-term.”




Comments [9]

Da Bronx from Bronx

Issue from day 1 was the hiring of hack Justin Ginsberg who didn't ride a bike and was geographically challenged. Forgotten areas north of 59th Street near CUNY Bronx campus's are a no-brainer. Not sure if Seth Pinksky another blow hard who talks a talk with no implmentation can see past 59th street to make the bikes accessible for ppl who live in low income housing and have two zone areas to get to a train.

Aug. 13 2014 10:09 AM
Bronx from NYC

Tal, Citi Bike does not use public funding at all.

"At least mass and rapid transit serves an entire group whereas a bike share just serves an individual, which is another known difference and fact"

Bicycle share serves thousands. More ridership than most bus routes.

You're some selfish suburbanite that despises all things bicycle for some odd reason. If you had half a brain you would realize that more people on bicycles equates less people on other forms of mass transit and yes driving. Every person on a Citi Bike can lessen the strain on transit, giving drivers better incentive to use mass transit. Many Citi Bikers are drivers too, that directly influences traffic

That means if you get enough people on bikes, room on the road frees up. Why is this concept so hard for you to grasp? All you want is the ability to occasionally drive, unhindered, through the city anyway right. That's all that you care about.

You wanna know what causes traffic? OTHER CARS.

Aug. 01 2014 04:51 PM
Tal Barzilai from Pleasantville, NY

Guest, I wasn't talking about MTA funds being used for Citi Bike, I was talking about how it shouldn't be using any taxpayer funds at all. Try learning the difference before jumping to a conclusion. At least mass and rapid transit serves an entire group whereas a bike share just serves an individual, which is another known difference and fact. I don't see why you can't just get Bloomberg himself to fund it since it was his idea to begin with.

Aug. 01 2014 03:49 PM
Guest from NYC

@Tal Barzilai,

This is not a choice of either/or. Citi Bike does not rely on MTA funds.

Rapid transit lines are nice, but they also cost significant sums of money, time to implement, and do not make sense in every location (e.g. the waterfront). Expansions and new lines are needed in certain areas (e.g. Tri-borough RX, Third Ave El) but what about the areas between these lines. Bike share systems can act as feeders from the most distant points. They can also fill the gap for trips which require short jaunts as they already do in the existing coverage area.

Bike share fills a transportation gap and can be operated year round.

Aug. 01 2014 04:00 AM
Tal Barzilai from Pleasantville, NY

I would rather concentrating on bringing rapid transit to those areas rather than bike share, because they do serve more and can be used all year around compared to bicycles.

Jul. 31 2014 02:15 PM
Guest from NYC

Expansion is very welcome.

It will be a gamechanger being able to go across town by Citi Bike when in the Upper East/West Sides and greater Harlem. I can't wait until this service is available in areas more distant from rapid transit.

Jul. 31 2014 02:13 AM
Sal Parzilai from Valhalla, NY

Whatever happens to CitiBike, it cannot use any city money from a city that I do not live in and also I need my SUV parking so that I can drive down from upper Westchester and hang out with my Brooklyn friends (::whispers:: the Jews!) anytime I want. Also a past mayor promised something and we're never allowed to change it, but if you ever want to build a new highway directly down Fifth Avenue to Soho and eradicate all regional tolls then I am not opposed to change

Jul. 30 2014 10:01 AM
Bal Tarzilai from Dreamland, NY

There must be no taxpayer funding for bridges or car only roads which is what was promised. There should also be no taxpayer funding in the form of tax breaks for Big Oil. Bring back the commuter tax instead because people in Pleasantville feel they have a right to dictate what happens in New York City.

Jul. 30 2014 12:31 AM
Tal Barzilai from Pleasantville, NY

Whatever funding must come to Citi Bike, it shouldn't involve any taxpayer dollars, which is what Bloomberg originally promised.

Jul. 29 2014 04:48 PM

Leave a Comment

Email addresses are required but never displayed.

Get the WNYC Morning Brief in your inbox.
We'll send you our top 5 stories every day, plus breaking news and weather.